In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.

Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.

In addition to all the buildings, the federal government owns and leases a remarkable 486,000 structures such as parking lots. The GSA reports that the annual operating costs for all the buildings and structures is $33 billion. The current market value of the buildings is unknown, but the government estimated that the replacement value in 2007 was $1.5 trillion.

A good way to save taxpayer money and increase economic efficiency would be to start privatizing these assets. The government itself says that it has about 77,000 buildings that are underutilized or unneeded.

It is widely recognized that the government is a poor manager of its assets. The GAO has had federal property on its “high risk” waste list for years, and it has found that “many assets are in an alarming state of deterioration.”

Privatizing buildings and assets is an area of some bipartisan agreement, and so the parties should move ahead with reforms. House Republicans issued a report on the waste in federal buildings in 2010. The Obama administration is also supportive of selling excess buildings and facilities.

Policymakers should focus on removing the legal and bureaucratic barriers to unloading federal assets. One problem is that the government does not know exactly what it owns, what condition assets are in, and what items are excess. The GAO says that the government has a “lack of accurate and useful data to support decisionmaking” on its vast property holdings. So the government needs much better inventory information.

Another problem is that the current process for disposing of assets is lengthy and convoluted. There are, for example, detailed requirements for repairs and environmental remediation of assets before sales. And there are burdensome rules requiring that surplus property be evaluated for possible use by homeless persons. The rules for the homeless—believe it or not—can add two years to the asset disposal process.

Sweeping away the red tape and privatizing buildings and structures would create many benefits. Selling assets would put them to more productive use in the private sector, which would boost economic growth. And using property more efficiently would save on energy, which would gain support from environmentalists.

Privatizing federal buildings would be also good fiscal policy. The sales proceeds would reduce the budget deficit in the short run, while the reduction of property maintenance costs would cut spending over the long run.

In sum, privatizing federal buildings and facilities would be a win all around. It would be good economics and good politics. So let’s get started.